Global Memristor Market Report, published by Variant Market Research, forecast that the global market is expected to reach $465 million by 2024 from $4 million in 2016; growing at a CAGR of 80.1% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World (RoW) are expected to grow at a CAGR of 80.8% and 146.8%, respectively, during the forecast period.

Some of the major driving factors of global memristor market are surge in demand for larger data storage capacity chips and problem of heat generation in devices due to higher densities. Additionally, increasing acceptance of industrial robots is also expected to supplement the demand for compact and advanced memory. However, lack of skilled professionals would act as a restraint for the market. Increasing consumer awareness regarding technological innovations and capability of memristors to replace the growing number of transistors on a circuit would provide several growth opportunities for the market in the coming years.

The global memristor market has been segmented on the basis of product type and industry vertical. By product type, the market is further segmented into molecular & ionic film memristor and spin based & magnetic memristor. By industry vertical, the market is categorized into electronics, industrial, automotive, healthcare, IT & telecommunication and aerospace & defense. By product type, molecular & ionic film memristor segment accounted for more than half of the global market share in 2016. However, the spin based & magnetic memristor segment is expected to grow at the fastest CAGR during the forecast period. Electronics dominated the industry vertical segment accounting for more than one third of the total market revenue in 2016, driven by its increasing demand in smartphones and other electronic gadgets.

Geographically the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America accounted for the largest market share of 38.7% in 2016, and is expected to continue its dominance during the forecast period. The growth is majorly seen due to technological advancement and replacement of flash memory and D-RAM with memristors, in countries such as the U.S. and Canada. Asia-Pacific accounted for the second largest market share of 31.2%. In terms of growth, Rest of the World is expected to grow at the fastest CAGR of 146.8% during the forecast period 2016-2024.